Monday, February 25, 2008

Senior American bankers and business leaders are planning to quit Britain As many as nine US citizens working in London at boardroom level are already said to have begun preparations to leave the country

Top US businessmen prepare to quit UK

over Treasury plans to tighten tax rules on "non-domiciled" residents, it was reported today. . Alistair Darling wants some non-doms to pay £30,000 a year to the Treasury They work for investment banks like Bank of America and Bear Stearns and international companies including McDonald's

Posted by chris @ 01:45 PM (1019 views)
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13 thoughts on “Senior American bankers and business leaders are planning to quit Britain As many as nine US citizens working in London at boardroom level are already said to have begun preparations to leave the country

  • “internationally mobile wealth creators”

    🙂

    Parasites more like .

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  • Who cares? They aren’t paying tax and they’re using societies resources. It’s actually a net gain if they leave – we don’t have to support them anymore.

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  • An Bearin Bui says:

    Well, good riddance – if they weren’t registered for tax here anyway then what’s the loss? Fewer buyers for £1m+ homes? That should be good for a HPC. I detest this cheap bribery the City always engages in – “let us keep our tax advantages or we’ll up sticks and leave and take our wealth with us”. They never kept their wealth in the UK anyway.

    It’s funny their arrogance also – with the USA heading into recession, they’re pretty much jumping out of the frying pan into the fire…

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  • Yes you do have to wonder – what is the net gain for the UK buy being the butler to the non-dom loaded gentry?

    Is it that they’ll spend some of their money here, and by doing so, somehow allow a trickle-down effect? Pah. We already saw that myth dispelled in the 1980s. It simply doesn’t happen – the wealth stays with the wealthy and is often spent abroad. If their wealth has done us so much good, then why has inequality increased in the last 5-10 years? Inconvenient statistic that is.

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  • Frankly I don’t believe it. Reckon it’s the old torygraph spinning as usual. Looking at this logically, most of these bigwigs earn huge salaries and are here for two reasons, 1) They can earn large sums 2) The quality of life here is better than the US. I don’t think 30K is neither here nor there for these guys. Makes good copy, but little else. I believe the same paper predicted wholesale disaster if the minimum wage was introduced….

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  • The fact is that income inequality is bad for the economy. The rich tend to save most of their income where as the plebs like us lot tend to spend all our income. If the wealth of this country was spread more evenly we wouldn’t be in such freaking debt working longer and longer hours and we would have more money to spend in to the economy helping to keep economic growth firm.

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  • “Top US businessmen prepare to quit UK”

    Good … Sod off you greedy porkers. I’m sure the good ole USA will be a welcoming land of opportunity for you.

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  • Screw ’em. Let them leech off someone else.

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  • @john, “The quality of life here is better than the US”. That very much depends on where you are in society. If you’re a dole-scum chav, then Britain is easy street – you’ve got free healthcare, free council housing, etc. But if you’re rich, your money goes further in America than it does here. As the article points out, Americans have to pay US tax regardless of where in the world they live – so it’s not like they’re gaining anything by being in Britain.

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  • Drewster, apologies if I took the wrong meaning from your post, but I assume you, like most of us, are much closer in the social and economic spectrum to the ‘dole-scum chav,’ as you put it and therefore very much benefit from ‘easy street’ Britain. Why then would you side with the rich? Do a few tabloid articles about the ‘scroungers’ really blind you to the reality? The UK’s benefits bill is a drop in the ocean compared to the amount these people and their companies are dodging in tax.

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  • How very strange this 30k figure is. Just a bit over the average wage in this country so it sounds like a lot to most people but 5k less than that ridiculous cocktail with the diamond ring in it that Movida nightclub sells. Jesus, let’s have a whip-round and offer the banking scum 30k a head to **** off. The fact is they’re going to up sticks the moment they sense a better deal elsewhere anyway – regardless of anything.

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  • European-bear says:

    With Americans it is different….”non dom” Americans will be paying tax to the US. Uncle Sam taxes all American citizens on their world wide income. And the top US marginal rate is 35%, so there will be little tax saving by Americans jumping ship. The main difference the non dom tax will make to Americans is that the 30,000 will be paid to the Inland Revenue (UK) and not to the IRS (USA). All foreign income taxes paid by US citizens act as a tax credit against US tax liability and hence, uniquely for Americans, the non dom tax will just be shifting money from the US to the British treasury. It will make no difference to the overall tax bill to the well paid US executive. So these Americans are not leaving for tax reasons……

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  • We did brain-drain in the 70’s – it wasn’t very sensible then either. Unfortunately, 90% of people need organising by the top 10% with talent, money and the balls to risk it creating steady, smoothed out pay cheques for workers (most of whom could not live within their means however much you paid them).

    The top 10% of wealthy also pay over 40% of the total taxes. The politcs of envy that drives foreign men of talent away is akin to cutting off your nose to spite your face. It doesn’t make for very sensibe policy if your aim is to increase the overall wealth of a nation.

    As Henry Ford says “Thinking is the hardest work there is, which is probably the reason why so few engage in it.” So long as most people want to switch on at 9am, switch off at 5pm and receive a fairly low but steady monthly cheque so they can watch soap operas and read the tabloids they will always be some rich guy’s servant. Thank God for talented, hard working Americans/Polish/Irish etc who want to come to Britain and fill hard roles that we can’t get filled by talented people nearer to home.

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